中小企业发展的金融支持研究  

A Study on Financial Support for Small and Medium-Sized Enterprise Development

作　　者：冯曰欣[1] 刘砚平[1] FENG Yuexin;LIU Yanping(School of Finance,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学金融学院,山东济南250014

出　　处：《山东财经大学学报》2018年第6期23-29,共7页Journal of Shandong University of Finance and Economics

基　　金：山东省社会科学规划研究项目"中小企业发展的金融支持研究"(17CJRJ15)

摘　　要：2010年以来,我国加大了对中小企业特别是小微企业的金融支持力度,银行业小微企业贷款一直保持2位数的增长速度,2014年以来,私募市场股权投资呈现爆发式增长态势。与此同时,我国中小企业主营业务收入和利润总额经历了2011—2013年短暂增长后,2014年以来增速呈现逐年下滑趋势,2016年下滑趋势得到扭转,逐步恢复增长趋势。这一现象表明,不同金融支持方式对中小企业发展发挥着不同的作用,体现在以银行业贷款为主的债务融资只能缓解中小企业发展中面临的资金困境,而要从根本上解决中小企业发展中面临的技术落后问题,必须发挥私募市场股权投资的作用。实践数据表明,R&D经费投入对私募市场股权投资具有重要的引领作用,因此,为促进中小企业发展,政府应进一步加大对中小企业科技经费投入,提升中小企业的技术水平,为吸引私募市场股权投资创造前提条件。Since 2010,China has increased financial support to small and medium-sized enterprises,especially to small and micro enterprises,and the small and micro enterprise loans have maintained a two digit growth rate.Since 2014,private equity investment has shown an explosive growth trend.At the same time,the growth rate of China SMEs'main business revenue and total profit has been declining year by year since 2014 after a brief growth from 2011 to 2013,but the declining trend has been reversed in 2016 with the growth trend gradually restored.This phenomenon indicates that different financial support modes play different roles in the development of SMEs in that the debt financing based on bank loans can only alleviate the financial difficulties faced by SMEs in their development.To fundamentally solve the problem of technological backwardness faced by SMEs in their development,the role of private equity investment must be brought into play.The practical data show that R&D funding plays an important leading role in private equity investment.Therefore,in order to promote the development of small and medium-sized enterprises,the government should further increase the fund input in science and technology for small and medium-sized enterprises,enhance their technical level,and create preconditions for attracting private equity investment.

关 键 词：中小企业 金融支持 私募市场股权投资 R&D经费投入 

分 类 号：F832.1[经济管理—金融学]